The purpose of this paper is to review the different arguments concerning the theory of dependency. For this purpose, this paper examines the definitions of dependency, general perspectives, classifications, and the criticism of dependency theory. The main weakness of dependency theory lies in explaining the origin of underdevelopment. In other words, the relation between underdevelopment and dependency is explained in a circular manner. However, nobody can deny that dependency theory opened up a new perspective on the realities of international political economy. This perspective has focused on the problem of the underdevelopment of Third World countries and on the key question who has controlled the development.
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